The Federal Government has disclosed that the country’s debt profile, as at today, stands at US$83.8bn. Minister of Information, Alhaji Lai Mohammed, also dismissed report in some quarters that the country’s external debt is US$81bn, saying the entire debt profile comprised $27bn external and $56.7bn domestic debt.
Saying there had been a lot of “misinformation and scaremongering” on the debt profile, he explained that the figure represented the cumulative borrowings by successive governments.
He insisted that the country had not reached her debt ceiling while the Federal Government was making efforts to increase revenue earnings to cut down the debt servicing/revenue ratio which he said is higher than desired. He said the government is putting more efforts in blocking leakages and promoting transparency in the management of resources.